The Real Estate (Regulation and Development) Act, 2016 (‘RER Act’) is a breakthrough in the regulation and promotion of the real estate sector and has brought in accountability, transparency, and organization, where the sector was earlier burdened with archaic approaches and partisan legislations. For instance, the statutory requirement of depositing the customer collection in separate RERA account, restriction on the funds collected to be used only for a specific project and making the promoter accountable for the commitments, have instilled confidence in home buyers.
However, this has also resulted in enhanced compliance obligations for developers and the industry is reeling under the implementation challenges of the Act. Further, although the RER Act is a central legislation, each state in India has its own rules and regulations governing the implementation of RER Act.
We advise all stakeholders on a real estate project including, promoters, investors, retail lenders and homebuyers. Having our offices in multiple locations gives us an edge in understanding the rules and regulations applicable to a specific State. Our association with various chambers of commerce, industrial bodies, consumer welfare associations have helped us in understanding the challenges faced by the real estate industry, which allows us to give solution-based advice to our clients.